A $62 million, 283-unit apartment building has been proposed by Northside Genesee Associates for the 1200 and 1300 blocks of East Genesee Street in Syracuse. Nine buildings on the site would be demolished to make way for the project. (Rick Moriarty | rmoriarty@syracuse.com)

Syracuse, N.Y. -- A New Jersey company has proposed building a $62 million, 283-unit apartment building in the Syracuse University area.

Northside Genesee Associate, has filed plans with the Syracuse Industrial Development Agency to build the 350,000-square-foot building on a 1.6-acre site in the 1200 and 1300 blocks of East Genesee Street.

It would be constructed on the north side of the street, directly across the road from the 505 on Walnut, a 126-unit student housing development that opened in August.

Northside Genesee Associates is a limited liability corporation created by Michaels Development, of Marlton, New Jersey, the same company that built the 505 on Walnut.

Unlike the 505, the new building would not be built for student housing.

Instead, it would target young professionals, medical professionals, medical school graduates and university staff, according to the plans filed with the development agency.

The building would include approximately 2,400 square feet of first-floor retail space and have indoor parking for 295 vehicles.

The developer owns or has purchase options on 12 parcels that would have to be combined to accommodate the project. Nine existing apartment homes and buildings on the site would be demolished.

No rent information was included in the plans filed by the developer.

The 505 On Walnut is a 126-unit (363-bedroom) student housing development built by Michaels Development at 505 Walnut Ave. in Syracuse. Michaels has proposed building a $62 million, 283-unit apartment building across East Genesee Street from the 505. (Rick Moriarty | rmoriarty@syracuse.com)

Northside Genesee Associates has applied to the development agency for tax breaks in the form of a mortgage tax exemption worth $330,393, an exemption, valued at $2 million, from sales taxes on construction materials and a 15-year payment-in-lieu-of-tax agreement.

The developer did not estimate the value of the PILOT agreement.

That will be left up to the agency's staff to determine before the agency votes on the application.

However, the developer has asked for a priority commercial and residential PILOT, which is reserved for mixed use and residential projects that either locate in a Neighborhood Revitalization Strategy Area or consent to incorporate and rent 20 percent of the project's residential units at the annual 65 percent area median income rent limits for the city of Syracuse.

Under a priority commercial and residential PILOT, the property would be given a 100 percent exemption from any increase in its tax assessment attributable to the project for 10 years. The exemption would be phased out in years 11 through 14, so it would be fully taxable in year 15.

The developer said the project will support 220 construction jobs and create nine permanent jobs.